Short Overview of New notifications 44 to 49/CT issued on 09.10.2019
- GSTR1 & GSTR3B notified till March 2020 for all category of tax payer
2. Mandatory to match ITC with 2A, otherwise total unmatched credit cannot exceed 20% of ITC as available in 2A
3. GSTR3B now declared return from 01.07.2017 (Amended Rule 61(5)) wherever the time limit for filing GSTR-1 or GSTR-2 has been extended. Thus, the judgement of the Gujarat High Court in the case of AAP and Company has been circumvented.
4. voluntary payment of tax to be intimated vide DRC-01A and not DRC-03
5. Annual Return for assessee below 2 crore turnover is deemed to have filed, if not filed .
Key Features in little details of the Latest GST Notification Nos from 44-49/2019 dtd 9th Oct 2019 are aa under :
A. As per GST Council decision, it was decided to continue with the existing system of filing GSTR 3B till March 2020. Notification 44/2019 prescribes the due dates for filing GSTR 3B Returns for the period from Oct’2019 to Mar’2020. GSTR 3B for these months shall be furnished on or before 20th of the month succeeding such month. The tax,penalty,Interest , if applicable shall be paid before filing the return.
B. As per Notification No 45/2019, in respect of tax payers whose aggregate turnover is less than 1.50 Crores shall file GSTR 1 return on quarterly basis, as follows :-
For the Quarter Oct-Dec 2019 – On or before 31st Jan 2020
For the Quarter Jan-Mar 2020 – On or before 30th April 2020
C. As per Notification No 46/2019, in respect of tax payers whose aggregate turnover is more than 1.50 crores shall file GSTR 1 on a monthly basis , for the period Oct’19 to Mar’20 on or before 11th of the succeeding month.
D. As per the GST council decision, tax payers with aggregate turnover of less than 2 crores can file the Annual Return optionally. Notification No 47/2019 has notified that in respect of those taxpayers, if the Annual return (for 2017-18 & 2018-19) is not filed on or before due date, the same is deemed to be filed on or before the due date.
In our view, In the absence of clarity and to avoid future complications (Department Audt/Assessment), we suggest that the Annual return for 2017-18 & 2018-19 shall be filed voluntarily, even though it is not mandatory.
To put an end to the problem of unmatched Input Tax credits, it has been proposed that the GST Credit shall be claimed as per the invoices uploaded by the suppliers. If you are claiming those credit even if it is not uploaded by your supplier, the difference cannot exceed 20% of the Total of the invoices uploaded.
Effectively, you can claim Input Tax Credit only if it appears in GSTR-2A. In case if you are claiming in excess of the credits appearing in GSTR 2A, the same cannot exceed 20% of the credits as appearning in GSTR 2A
GSTR 3B has been notified as a Return , RETROSPECTIVELY. (i.e.,) w.e.f. 1st July 2017. Hence GSTR 3B is also considered as return now. In a recent Gujarat High Court case (AAP & Co.,) judgement was given with a decision that GSTR 3B is not a return and hence a view was taken that Input Tax Credit can be claimed at the time of filing the Annual return even though the statutory deadline has expired. Now, with this retrospective amendment, the application of the judgement stands nullified
A new Form DRC-01A has been notified for intimation by the tax authority regarding the tax,penalty,interest etc., A reply to this intimation shall be filed by the taxpayers in Form DRC-01A Part B. The Voluntary payment of taxes shall continue to be paid by using DRC-03.